EquityPandit’s Outlook for Nifty Bank for the week  (July 16, 2018 – July 20, 2018):

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 1.70%.

As we have mentioned, last week that minor resistance lies around the zone of 26550 to 26600. Resistance for the index lies in the zone of 26900 to 27000 where the index has formed a double top in the month of May-2018 and June-2018. If the index manages to close above these levels then the index can move to the levels of 27500 to 27600 where the index has formed a top in the month of January-2018. During the week the index manages to hit a high of 27165 and close the week around the levels of 26936.

Minor support lies around the zone of 26600 to 26700. Support for the index lies in the zone 26400 to 26500 where Fibonacci levels and short term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 25900 to 26000 where Fibonacci levels and medium moving averages are lying.

Resistance for the index lies in the zone of 27000 to 27200 where the index has formed a double top in the month of May-2018 and June-2018. If the index manages to close above these levels then the index can move to the levels of 27500 to 27600 where the index has formed a top in the month of January-2018.

Range for the week is seen from 26500 to 26600 on downside & 27500 to 27600 on upside.